The 17th Century painting L’enfant a la bulle de savon (Child with soap bubble), valued at 3.2 million euros ($4.3 million), was taken from a museum in the southern city of Draguignan in 1999.
Two men were arrested in Nice on Tuesday, according to the AFP news agency.
Police said they received information that a transaction was due to take place in a hotel the following day.
The men, aged 46 and 53, one of whom was described as a former insurer, appeared in court in Nice on Thursday, AFP said.
They were reported to be known to police for previous petty crimes. Police are still looking for other suspects.
The painting was stolen from Draguignan’s Musee Municipal d’art et d’histoire during the city’s Bastille Day celebrations in July 1999.
At the time, police said the thieves entered through a back door and escaped before officers responded to the alarm.
The undated painting, which portrays a teenage boy with long dark brown locks, wearing a golden necklace and holding a soap bubble, was said to be in a good condition.
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